AKRON, Ohio (AP) The Goodyear Tire & Rubber Co. reported a fourth-quarter loss of $96 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Akron, Ohio-based company said it had a loss of 39 cents. Earnings, adjusted for non-recurring costs, were 99 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share. The tire maker posted revenue of $4.07 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $3.91 billion.
Goodyear shares have increased nearly four percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has climbed nearly four percent in the last 12 months.